Servicing Guide

Published September 9, 2020

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What action must be taken if the servicer finds a flooded property or previously flooded property during property preservation services?

When the property is flooded or has previously been flooded, appropriate measures must be taken to preserve the property. The servicer must utilize any available allowable(s) to pump water, address the source of the flood and any resulting damages, when applicable. The servicer must submit a bid to address the source and/or repair damage within fifteen (15) calendar days of pumping the water when the source and/or damage could not be addressed within the allowable.

When the allowable has been exhausted, the servicer may elect to pump water and then submit a bid after the fact via HomeTracker. Bids to address the source and any resulting damages from the water intrusion (that could not be completed within the appropriate allowable thresholds) should be submitted as an over allowable bid along with the bid after the fact for water pumping.

For additional information please see: Property Preservation Matrix and Reference Guide, Section 8, Damaged Properties/Disaster Impacted Properties.

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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